Posted by Aseng > 2020-05-05 22:33 | Report Abuse

good night

let's forget about all the unpleasant people

have a good dream

bye-bye

Posted by Antifakeguru > 2020-05-05 22:40 | Report Abuse

As u said IR come as well but why still no article from IR?

Posted by OTB > 2020-05-05 22:48 |

Post removed.Why?

Posted by DK66 > 2020-05-05 23:00 | Report Abuse

Probability,

(1) I can't comment as I do not know how much higher is JHDP fuel cost. I have provided information that modern subcritical technology from china can achieve very high efficiency. Moreover,The Capacity payment is a significant portion of the revenue. That dilutes the influence of Energy payment

(2) 7.5b kwh is only the anticipated production figure. Vinh Tan 1 had the same anticipation during planning. 3.3% higher nameplate output will not make a significant difference. However, you are free to make adjustment as you like.

(3) Vinh Tan 1 did not operate for 365 days a year to get the results. There was already allowance made for annual maintenance of about 15 - 30 days. Major maintenance takes about 45 days.

I do not know everything about vinh tan 1 and JHDP and i don't pretend so. That is why peer comparison is the BEST estimate we can have for JHDP. It was the actual operating results where we do not need to make assumptions about its operating conditions like you are doing here.

Making assumptions is dangerous because we have to prove the validity of the assumptions made.

By making unjustified adjustments on actual operating results would cloud the integrity of your estimate derived as we do not fully understand the actual operating scenario of the power plant.

It would be safer just to discount the results to please one's margin of safety. Alternative, just apply a lower PE for safety reasons.

The article showed the followings;

(1) BOT IPP is profitable immediately upon operation
(2) The revenue is huge and very lucrative
(3) The potential profit to JHDP is RM200m

Until now, I have not seen any IB spoke of management profit guidance. Can you show me the link ?

I have already explained that I agree with Icon8888's inclusion of interest costs in his IRR calculations. Those interested may visit the comments in his article. It is lengthy, I do not wish to repeat here.

All PPA signed with EVN were on same terms. It is Vinh Tan 1 who changed the design of the power plant. EVN agreed with no change in PPA condition ( I can't substantiate as I lost the information link, you may ignore the remark). In any case, why would EVN be bothered with differential treatment to vinh tan 1 and JHDP. Moreover, note that JHDP signed the PPA one year earlier than Vinh Tan 1. Normally, the earlier ones are better, right ?

With you estimate of RM0.20 EPS, is Jaks worth 10 to 15 times PE ? RM2 to RM3 ?

I do not want to counter argue every points you made especially on your assumptions. Both of us may be wrong.

I hope I didn't miss any part of your queries.

Thank you

------------------------------
DK66,

(1) how do you justify the same earnings with Vinh Tan 1 when its fuel cost is 20% higher?

(2) on all articles and news, Jaks had been only reporting 7.5B kwh annual power sales. This is 10% lesser than what Vinh Tan 1 sold 8.2B kwh. The high sales of Vinh Tan 1 is likely due to its nameplate output which is slightly higher than Jaks by 4% and exceptional power demand due to dry season in 2019

https://baohaiduong.vn/doanh-nghiep/doanh-nghiep-no-luc-vuot-bao-covid...


(3) The will be periodic maintenance every 3 years is suppose.

2 month loss for every 36 months (3 years)

The above is not considering breakdown losses - we have seen that happening in thermal power plants like Mong Duong


...........................


Based on Vinh Tan 1 earnings, you showed that JAKS at 30% stakes would earn 196M/yr.

If you factor at 7.5B kwh annual sales , earnings becomes:
= (7.5/8.2) x 196 M
= 179M

If you factor the time loss due to maintenance, earnings:
= (34 available months/36 months) x 179M
= 169M average /yr

If you factor in the Tax (assuming 10%)
= 0.9 x 169M
= 152M /yr

EPS under fully diluted condition of 745 m shares:
= 152M/745M shares
= 20 cents per annum



(Management did guide 120M/yr earnings to Public investment bank. This is also not far out from recent info i heard. The numbers would also be around this value if you consider Project IRR of 12% and derive correctly unlike the incorrect method Icon8888 used including the interest payment.


Considering above i am inclined to believe that practically Jaks may only end with an EPS below 20 cents per annum.

...............................................

Number 1 is a crucial factor we need to think of since there is no incentive for EVN to provide same earnings to both Hai Duong & Vinh Tan 1 while incurring 20% higher cost for Hai Duong.

Just want to know your thoughts on the above.

Posted by OTB > 2020-05-05 23:01 | Report Abuse

Dear probability and DK66,

(2) on all articles and news, Jaks had been only reporting 7.5B kwh annual power sales. This is 10% lesser than what Vinh Tan 1 sold 8.2B kwh. The high sales of Vinh Tan 1 is likely due to its nameplate output which is slightly higher than Jaks by 4% and exceptional power demand due to dry season in 2019
-----------------
I brought up this point during my meeting with the management of Jaks.
They called up the engineers in Vietnam on the spot to confirm the below information.
Utilization hours = 7,238
Output kwh = 8.2B kwh.
Thank you.

Posted by DK66 > 2020-05-05 23:05 | Report Abuse

You know me. Not possible. He jumped out from no way.

Thanks for defending me. Really appreciate.
----------------
elbrutus DK66 bro...can u by anyway step on this BIGGER SINKALANs TAIL ???
05/05/2020 10:31 PM

Posted by elbrutus > 2020-05-05 23:12 | Report Abuse

DK66 bro ...in that case ...one sentence to summarise...v black ...pui pui pui ...good comes only ...bad piss off pls

Posted by RangerJ > 2020-05-05 23:16 | Report Abuse

If I may add, for take or pay PPA, energy charge is usually a pass through, and usually a floor efficiency level binding the IPP. So long as the said floor level is met, no penalty to capacity payment. This is very different from open market PPAs. Thank you.

Posted by paktua73 > 2020-05-05 23:25 | Report Abuse

Aseng paktu just hope you stop arguing with OTB..
paktua respect you as good friends from krono until here even not long..
and..
paktua not defending OTB..
but..
OTB is his right to do on his responsible..
hope we all stop arguing each others..
let bygone be bygone..
let DK66 freely doing his duty..
let OTB n all of us unite..
even we all have different..
different make we unique..
OTB have his expertise..
DK66 have his expertise..
pjseow have his expertise..
icon8888 have his expertise..
probability have his expertise..
you aseng also have own expertise..
let we work together..
jaks is our home now..
why we need to fight in one froof..??


tut tut
jujur paktua hormat anda semua..
biar kita berbeza namun kita di rumah yang sama..

Posted by paktua73 > 2020-05-05 23:28 | Report Abuse

paktua just musafir..
sitting back side of the cliff..
paktua know OTB more kind and good players..
and also aseng is good person and good trader..

please paktua begging..
let it go what can it go..
but..
if paktua is bother it..
ignore what paktua saying it..
coz..
paktua only pengemis menumpang busking nada..nusa lara insan hening
suara kita..suara manusia biasa..

voice of kindness as a human..
let we be like this..
let be..
a better human being..

we deserve to be better man..
love and respect is very expensive ..
but its worth it to buy..
Forgiveness is the real treasure..
why many still shy to hunt it

so..
let we be a better human being..
we deserve to be better man..
respect and forgiveness its very expensive ..
but its worth it to buy..

we hear this song..

https://youtu.be/2LBz_O7dk_U

one days one days..one days one days..
they'll be no more..they'll be no more ..
fight no more..fight no more..
one days one days..one days one days..





tut tut
satu hari nanti satu hari nanti..
kita tiada sengketa lagi..
bersama kita bahagia di kapal jaks berlayar..

Posted by paktua73 > 2020-05-05 23:34 | Report Abuse

paktua pengemis kolot lagi hina..
masih gigih merobek tebing..
tebing keegoan,
tetap gigih melumat benih benih ke bencian ..

paktua merintih sendu.
merintih merayu...
cekal menjaja kemanusiaan..
sifat insan saling berkawan..
berpaksikan hormat kasih dan sayang..
agar kita dikenang dewasa yang terbilang..

let we song ..again and again..

one day..

sometimes I lay..
vader the moon..
I am thanks god for breathing..

then I pray..
don't take me soon..
I'm here for a reason..

sometimes in my tears I drown..
but.. I never let it get me down..

so when negativity surrounds..
I know some day..
it'll all turn around..

because..
all my life I've been waiting for..
i've been praying for..
for the people to say..
that we don't wanna fight no more..
they'll be no more war..
one days one days..

https://youtu.be/UVVIsKNNeVk

one days one days..one days one days..
they'll be no more..they'll be no more ..
fight no more..fight no more..
one days one days..one days one days..





tut tut
satu hari nanti satu hari nanti..
kita tiada sengketa lagi..
di rumah jaks yg kita cintai

Posted by probability > 2020-05-05 23:36 | Report Abuse

DK66, i used the assumptions above as Vinh Tan 1 unit load rate was 95.8% (though hours can be 7238 hrs per year, power sold would also depend on load rate where year 2019 appeared to be extreme dry season - increasing reliance heavily on thermal power plant). Just tried being realistic and see how it will appear on average with tax taking place later.

If the below is true where it was purely Vinh Tan 1's decision on the plant design & selection, then i cannot argue.

Not sure if Vinh Tan 1 plant cost is about the same as JAKS (surprising if true) despite having way much lower operating cost for certain.

..................

DK66 comment: All PPA signed with EVN were on same terms. It is Vinh Tan 1 who changed the design of the power plant. EVN agreed with no change in PPA condition ( I can't substantiate as I lost the information link, you may ignore the remark). In any case, why would EVN be bothered with differential treatment to vinh tan 1 and JHDP. Moreover, note that JHDP signed the PPA one year earlier than Vinh Tan 1. Normally, the earlier ones are better, right ?

Posted by probability > 2020-05-05 23:40 | Report Abuse

In that case, if the floor level efficiency given to Hai Duong and Vinh Tan 1 is the same in the PPA condition, this may explain the good earnings reported by Vinh Tan 1 due to its higher efficiency by 20%.


Posted by RangerJ > May 5, 2020 11:16 PM | Report Abuse

If I may add, for take or pay PPA, energy charge is usually a pass through, and usually a floor efficiency level binding the IPP. So long as the said floor level is met, no penalty to capacity payment. This is very different from open market PPAs. Thank you.

Posted by probability > 2020-05-05 23:47 | Report Abuse

https://economictimes.indiatimes.com/opinion/et-view/et-view-policy-induce-stepped-up-thermal-efficiency-in-power-plants/articleshow/70485707.cms?from=mdr

In subcritical plants, thermal efficiency of the steam cycle can average only about 32%. For supercritical plants it can go up to 42%; for ultra-supercritical plants, thermal efficiency can rise to 46%.

Posted by probability > 2020-05-05 23:59 |

Post removed.Why?

Posted by DK66 > 2020-05-06 00:00 | Report Abuse

How efficient is the Subcritical Coal Power Generation Technology of China ?

China's coal plants : New efficiency benchmarks

By James Varley 13 Dec 2019
Since 2004, China has been replacing small, low efficiency, coal plants with larger, more efficient units, and the “six year action plan”, launched in 2014, has set new annual average efficiency targets that must be achieved by coal plants if they are to remain on the grid: 39.6% (net, LHV) for 300 MW units; and 40.9% for 600 MW units. For these 300 MW units to achieve the annual average efficiency target of 39.6% specified in the six year plan, their efficiency under rated conditions needs to be higher than 42%.

https://www.nsenergybusiness.com/features/chinas-coal-plants-new-efficiency-benchmarks/

Posted by Invest_168 > 2020-05-06 00:23 | Report Abuse

JAKS invested in Vietnam Power Plant project is as good as MFCB invested Power Plant project in LOAS. As you can see, MFCB now is starting to bear fruit from it LOAS's power plant with huge earning and cash flow in. If you had missed out the opportunity to invest MFCB at low price. Do you want to miss out JAKS again? Think about it....

Posted by probability > 2020-05-06 00:26 | Report Abuse

@DK66, the China report above is using LHV values

https://www.powermag.com/plant-efficiency-begin-with-the-right-definitions/

Extravt below under "No Common Performance Standards"

Most still report thermal efficiency based on the lower heating value (LHV) of coal instead of the HHV approach because the resulting calculated thermal efficiency is higher. Using LHV rather than HHV can push up the reported plant efficiency by as much as 10%, depending on the water content of the coal.

Posted by probability > 2020-05-06 00:34 | Report Abuse

If you deduct 10% on the below figure from China report, you get about the same figure of 32% for subcritical thermal power plant.

what matters for our discussion to compare Hai Duong with Vinh Tan 1 is the relative efficiency difference between subcritical and supercritical whichever basis (LHV or HHV)

...................

https://www.nsenergybusiness.com/features/chinas-coal-plants-new-efficiency-benchmarks/

Summer 2019 has seen the commissioning of a retrofitted 300 MW subcritical coal fired unit in China that is expected to be capable of an efficiency of 42.8% (net, LHV basis)

Posted by probability > 2020-05-06 00:39 | Report Abuse

You can see below on Table 2 giving comparison on efficiency and fuel consumption:

Supercritical and ultrasupercritical coal-fired power generation

https://www.bpastudies.org/bpastudies/article/view/170/318


Table 2. Estimated costs and thermal efficiencies

Posted by DK66 > 2020-05-06 00:50 | Report Abuse

Probability, I m an accountant not an engineer. I do not quite agree on the higher fuel cost of 20% to JHDP as you have not shown sufficient proof. However, I do agree that supercritical design has higher efficiency.

In any case, can you quantity the effect of 20% higher fuel costs on earnings ? My understanding is Capacity payment making up around two-third of the earnings which should be about equal for Vinh Tan 1 and JHDP.

Posted by DK66 > 2020-05-06 00:52 | Report Abuse

Probability, even mong duong II which is more inferior to chinese technology can achieve better than 34% efficiency.

Posted by DK66 > 2020-05-06 00:59 | Report Abuse

Probability, instead of coming up with pieces of information which i need time to absolve. Could you kindly make a complete picture of your thought and write an article about it ? This will prove beneficial to everyone knowing the impact on earnings as a result of the difference in design between Vinh Tan and JHDP.

I believe everyone is lost in the discussion now. Will appreciate your contribution.

Posted by probability > 2020-05-06 01:00 | Report Abuse

DK66, the absolute efficiency does not matter as we do not know they are using LHV or HHV.

Hai Duong plant efficiency could be 36% and Mong Duong at 34%.

But, the supercritical will be at 45% then. Refer the Table 2 on the article i pasted. You can see from the Table 2 the evg efficiency difference between subcritical and supercritical is 25% and that the Fuel consumption varies from 15% to 21%.



Posted by DK66 > May 6, 2020 12:52 AM | Report Abuse

Probability, even mong duong II which is more inferior to chinese technology can achieve better than 34% efficiency.

Posted by probability > 2020-05-06 01:05 | Report Abuse

Summary:
.......


If the PPA of Hai Duong & Vinh Tan 1 is made using the "same floor efficiency level', there will be profit difference as per your article below, using the avg efficiency difference above between subcritical & supercritical of about 20%


Jaks Resources - Effect of Plant Efficiency On Profit

https://klse.i3investor.com/blogs/Jaks%20resources/2020-03-14-story-h1484838111-Jaks_Resources_Effect_of_Plant_Efficiency_On_Profit.jsp

Posted by DK66 > May 6, 2020 12:50 AM | Report Abuse

Probability, I m an accountant not an engineer. I do not quite agree on the higher fuel cost of 20% to JHDP as you have not shown sufficient proof. However, I do agree that supercritical design has higher efficiency.

In any case, can you quantity the effect of 20% higher fuel costs on earnings ? My understanding is Capacity payment making up around two-third of the earnings which should be about equal for Vinh Tan 1 and JHDP.

Posted by DK66 > 2020-05-06 01:06 | Report Abuse

I m grateful that you created a new ID just to relay the information to us. Really appreciate that.

Do you have information on the effect of efficiency of power plant on earnings ?

---------------------
RangerJ If I may add, for take or pay PPA, energy charge is usually a pass through, and usually a floor efficiency level binding the IPP. So long as the said floor level is met, no penalty to capacity payment. This is very different from open market PPAs. Thank you.

Posted by probability > 2020-05-06 01:07 | Report Abuse

Therefore, potential EP profit based on Mong Duong II revenue for 2019 is;

Profit = (43.3% - 34.8%) / 34.8% x USD343m

Profit = 24.4% x USD343m = USD84m (1)

..................

What you derive above, would be the exact difference between Vinh Tan 1 and Hai Duong.

Posted by DK66 > 2020-05-06 01:27 | Report Abuse

Very late already. To be continued.....

Posted by $$$ ^v^ GOODLUCK ^v^ $$$ > 2020-05-06 01:56 | Report Abuse

first Target Rm 1.18

Posted by Icon8888 > 2020-05-06 06:32 | Report Abuse

I think probability does not yet have a proper understanding of the IPP model.

You don’t actually need to give too much weightage to thermal efficiency etc

As a banker that handles Malakoff when I was working, i have the chance to deeply understand their cash flow and profit (btw, Malakoff auditor and reporting accountant was KPMG). : )

(For your info, Malakoff has 5 IPPs under its wing and I have chance to know all of their details)

In Malakoff IPP case , 80% of the profit is capacity payment, the rest 20% is energy payment

Meaning 80% of the profit is independent of operational cost or electricity production . As Long as you provide the plant at let’s say 95% capacity availability , the customer (government) will pay you in full (that is why it is called Take or Pay). This is called capacity payment. And as mentioned above, it makes up 80% of the profitability

Then there is this thing called energy payment. You sell energy to the customer (in this case , Vietnam government). The more you sell, the more the customer pay you. That is of course the revenue level. As for cost, items beyond the operator’s control such as coal price etc, is cost passed through. The higher the coal price the higher the electricity selling price to the customer and vice versa . However，for items such as salary, chemical, maintenance etc, those are not allowed to be passed through . This is to ensure the operator maintain certain level of efficiency (be thrifty, lean and mean etc)

The energy payment makes up only 20% of profitability

As such, when come to modelling, you don’t really need to care too much about energy payment related profitability . The most important thing is to ensure the plant is able to deliver the capacity availability as stipulated in agreement then you can pocket 80% profitability already

Posted by Icon8888 > 2020-05-06 06:45 | Report Abuse

It doesn’t really matter what is the thermal efficiency etc

Because the concession agreement is structured to accommodate them

Let’s say vin tahn thermal efficiency is 70% and Hai Duong 50%

Under that kind of circumstances, during negotiation , vin tahn will agree to electricity sale price of let’s say RM100 per unit. However, since hai Duong cost is 21% higher (50% divided by 70% is 79%), it will ask for sale price of RM121 so as to cost pass through (and allow it to achieve same return as vin tahn !) (hey, that guy next door get paid RM50 per hour, I am doing the same thing during the same time, why should I get less ?)

In other words, IPP concessions are structured based on internationally accepted return

No matter what the operating parameters , in order to attract investors to set up the power plant, the government will have to promise certain FIXED return

Meaning they will have to absorb the fluctuation or variation of operational costs caused by different technology and other parameters

You don’t absorb I don’t invest

In other words, you don’t give me the return I like , I don’t invest

That is how it works

And that is why people like IPP model

Posted by Icon8888 > 2020-05-06 06:53 | Report Abuse

If you read my explanation above, then you can understand why I never participate in all these discussions about thermal efficiency ， coal price etc. They all don’t matter。The concession agreement is structured to absorb all of their effect so as to deliver a certain pre determined return to investors (in this case、 Jaks and CEEPC)

Posted by coolio > 2020-05-06 08:01 | Report Abuse

Thumbs up icon8888. Jaks going to continue the uptrend today.. Let's ride on it.

Posted by SarifahSelinder > 2020-05-06 08:31 | Report Abuse

Jadi wat d customers (in JAKS case EVN) consider upfront bila setting IRR 12%

Upfront do they consider the capital structure? Did EVN bother itself how JAKS was going to finance the IPP?

UPfront do they consider the IPP plant design? Did EVN stipulate what kind of PP JAKS must have?

Posted by Icon8888 > 2020-05-06 08:31 | Report Abuse

Apart from enticing investors to invest, another main reason why IPP concession is structured in such an attractive way is to facilitate debt funding . Who dares to lend so much money for so Long time without strong visibility ?

Posted by Philip ( buy what you understand) > 2020-05-06 08:45 | Report Abuse

Sometimes I read icon8888 articles and think they are well written, then I look deeper and see so many optimistic assumptions that it makes me wonder how he could get it so wrong over the long term?

The fact of the matter is, very few investors study what went wrong in their analysis or why they sold their investments or what changed. Then I realized icon8888 never once wrote any blog update on if he sold his held stock, and why he sold it, and what happened after.

I believe in investing it is important to learn from your mistakes as much as your successes.

I find it irritating that suddenly icon8888 spouts that he was a banker in malakoff to give his articles and writings weight.

So the question remains: is he writing because he holds some jaks shares as an investor and thus having a confirmation bias in his analysis? Does he weigh any investment risks?

The fact that concerned parties write so many repeated articles on how profitable jaks will be, what a sure bet it is, over and over and over again gives me the Calvin tan eng yee vibe.

Are you writing to share information? Or are you writing to get speculators and new investors to support your stock to go up?

This goes against the rules of successful investing, where the idea is to buy wonderful companies at cheap prices that everyone is selling. Why keep writing articles? I don't get it. If it is a wonderful company, sooner or later everyone will notice. Why keep writing multiple articles about it? Wouldn't that interfere with your ability to buy into the company over time?

If write once to bring to my attention, then I will totally appreciate and thank you for sharing good information. If you keep working more and more and more articles, it is like Calvin tan writing a million blogs promoting NETX.

Ultimately this is useless and only earnings growth and shareholder returns will bring up a stock in the long term.

Promoting multiple articles in the short term just attracts speculators and short term traders. Is this the kind of investors you really want in the company?

>>>>>>>>

https://klse.i3investor.com/blogs/icon8888/2019-12-16-story248015-_Icon_Eco_World_International_Why_I_Am_Adding_More.jsp

https://klse.i3investor.com/blogs/icon8888/2019-02-01-story192265-_Icon_Success_Transformer_Meets_My_Buy_Criteria.jsp

https://klse.i3investor.com/blogs/icon8888/2019-01-30-story-h1457006496-_Icon_LC_Titan_Price_Collapse_Shaken_Shareholders_and_Contrarians_Scram.jsp

Posted by DK66 > 2020-05-06 08:54 | Report Abuse

Please allow me time to consider whether it is appropriate to use my article below for comparison power plant of different designs as the difference in operating cost structure between supercritical and subcritical plants may not be directly proportional to the difference in efficiency.

Jaks Resources - Effect of Plant Efficiency On Profit
https://klse.i3investor.com/blogs/Jaks%20resources/2020-03-14-story-h1...

Posted by Icon8888 > 2020-05-06 08:56 | Report Abuse

Ya Philips is the best

Everybody else is unscrupulous and stupid

Posted by Icon8888 > 2020-05-06 08:57 | Report Abuse

I did not say I work for malakoff

I was a banker that handle Malakoff case

Posted by Icon8888 > 2020-05-06 08:58 | Report Abuse

Anyway I don’t understand what is a “banker in Malakoff” ? Malakoff is not a bank

Posted by DK66 > 2020-05-06 09:08 | Report Abuse

Philip, am I writing too many articles too ? Each of my article is on different perspective. Is there such thing as "too much sharing" is insincere ?

Posted by Aseng > 2020-05-06 09:12 | Report Abuse

Good. Morning my good friend

Honesty is what Aseng value most

As long as you are honest, do not hide anything from us, you are still my good froend

DK66 I m grateful that you created a new ID just to relay the information to us. Really appreciate that.

Do you have information on the effect of efficiency of power plant on earnings ?

---------------------
RangerJ If I may add, for take or pay PPA, energy charge is usually a pass through, and usually a floor efficiency level binding the IPP. So long as the said floor level is met, no penalty to capacity payment. This is very different from open market PPAs. Thank you





DK66 I m grateful that you created a new ID just to relay the information to us. Really appreciate that.

Do you have information on the effect of efficiency of power plant on earnings ?

---------------------
RangerJ If I may add, for take or pay PPA, energy charge is usually a pass through, and usually a floor efficiency level binding the IPP. So long as the said floor level is met, no penalty to capacity payment. This is very different from open market PPAs. Thank you

Posted by firehawk > 2020-05-06 09:14 | Report Abuse

What Philip wrote about a sifu, i totally agree!

a few writers that have deeper observation!

Posted by DK66 > 2020-05-06 09:15 | Report Abuse

Obviously this article suggested that cost savings is not proportionate to improvement in efficiency due to difference in design

https://www.bpastudies.org/bpastudies/article/view/170/318

Posted by Sslee > 2020-05-06 09:17 | Report Abuse

Haha
What Philip said is there ain’t no tooth fairy in i3 except him. He is so transparent that you can see him naked.

Posted by Aseng > 2020-05-06 09:21 | Report Abuse

Icon8888

Thank your very much
You had clear my doubts

Posted by Aseng > 2020-05-06 09:23 | Report Abuse

Dk66,

I am very happy your latest article still remain the most reliable valuation methogy

Posted by DK66 > 2020-05-06 09:31 | Report Abuse

If you are using general observations, you are "generally" correct.

Posted by DK66 > 2020-05-06 09:32 | Report Abuse

I think philip is generally correct

Posted by DK66 > 2020-05-06 09:34 | Report Abuse

Someone who appears honest may not be honest and vice versa